About your Search

20121226
20130103
SHOW
Today 11
Cavuto 8
( more )
STATION
MSNBCW 76
CNNW 67
FBC 44
KGO (ABC) 42
CSPAN 37
WMAR (ABC) 34
KPIX (CBS) 31
WUSA (CBS) 30
WBAL (NBC) 28
WJLA (ABC) 27
WTTG 25
CNBC 23
WRC (NBC) 21
KRON (MyNetworkTV) 18
KTVU (FOX) 14
( more )
LANGUAGE
English 646
Search Results 57 to 156 of about 651 (some duplicates have been removed)
of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts. and that also would have a better outcome for our economy long-term. but you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate. but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17 months ago. how
of congress are set to return for one day more of talks to avert spending cuts at the same time tax cuts expire. one alternative being floated - congress may let income taxes go up on everyone one tick past the stroke of midnight, then quickly vote to decrease tax rates for most americans back to 2012 levels. meanwhile, starbucks ceo howard schultz wants his employees to send a message and scrall, "come together," on cups for drink orders in the d.c. area. it's the first time employees have been asked to write anything other than customers' names on cups. former members of a regulatory agency are walking the well worn path from washington to wall street. since june, 9 members of the commodity futures trading commission have taken jobs at financial firms including jpmorgan chase and japanese investment bank nomura, according to the wall street journal. members of the cftc have been making the transition to help firms intepret changes under the dodd- frank reforms passed in 2010. critics of this revolving door contend ex-staffers can use personal connections to pressure regulators into dev
spending cuts in that bill. this will have to happen by noon thursday when this congress ends and the new one is sworn in or the whole thing starts over again. the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is still not done comes to no surprise from everyone you're about to hear from. we traveled to the north side social in arlington with one goal. we asked people for one word to describe congress. >> one word -- >> you guessed it, nonare flattering. >> dysfunctional. >> stubborn. >> silly. >> watching the 112th congress bicker its way through negotiationings leaves people lime tom disappointed. >> i'm adisappointed. >> people like katherine apathetic. >> it seems like a cycle of nonsense. >> it has gotten w
of those cuts are in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester. these automatic spending cuts. and that also would have a better outcome for our economy long term. but, you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> when you talk about a dysfunction in washington, you signed this legislation setting up the fiscal cliff 17 months ago
to plan "a," a bill passed by the congress and extending tax cuts for everyone and sent to the senate. they don't expect the senate to take that. use that as a legislative vehicle and what's today? saturday. new year's eve is -- sorry. today's friday. too much holiday cheer. but come on. i mean -- >> he will be working the weekend. >> reporter: i am. oh my god. i don't want to get started on that. but anyway, you know, there's a lot at stake here. and, you know, it is late for this kind of thing to go on. and really, steve, i know you have been on board for this last several days, as well. most logical thing and perverse logic and chamber politics, any way to look at it is most logical thing is to go over and then come back to vote to cut taxes. but hey, you know, pride goeth before the fall. they could come up with a miraculous recovery. some sort of immaculate deal and may actually spur some conversations on the margins and maybe get to a voint where they can do something to avert, at least patch this to avaert total economic disaster. >> sounds like you're sticking by your january
that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit agreement. obviously, we will have to do more to reduce the debt and deficit. i'm willing to do more but in a balanced, responsible way. for example, i'm willing to reduce the government's medicare bills by finding ne
,000 or more a year and individuals making $400,000 or more. but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the end of the payroll tax holiday. >> reporter: good afternoon. this tax cut has expired and it will affect every wage earner. most people that we spoke to this morning had no idea that it would affect their paycheck
reduction as congress, they decide what to do with the automatic spending cuts that we have now delayed for two months. and i want to make this point as i have demonstrated throughout the past several weeks. i am very open to compromise. and i agree with the democrats and the republicans that the aging population and the rising cost of health care will make medicare the biggest contributor to our deficit. i believe that we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there is further unnecessary spending on government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand and hand with further reforms for our tax codes. and so that the wealthiest corporations and individuals, they can't take advantage of loopholes in deductions that aren't available to most americans. and we can't keep cutting things like the basic research and new technology and still expect it to exceed in the 21st century economy. and so we're going to have to continue to move forward in the deficit red
, bush era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline hoping it would force a compromise. so far, that's backfired. also flying back on air force one is hawaii lieutenant governor brian schatz. he is replacing the late senator from hawaii, senator inouye. he'll likely be sworn in later today. schatz tweeted he's looking forward to supporting the president's agenda. reporting live in washington, i'm danielle leigh. >>> treasury secretary tim geithner is adding to the pressure saying the treasury may not be able to pay its bill on monday. that could lead to a credit downgrade. in his letter, geithner proposes a series of measures to postpone the date. geithner indicates his plan would free up about $2 who billion. >>> we now have an update on the health of president george h.w. bush who remains in a houston hospital. nbc news has learned his stubborn fever has gotten worse and he was admitted to the intensive care unit on sunday. doctors have him on a liquid-only diet. he's surrounded by family. mr. bush who is 88 years old ha
, i'm jjnniferrgilbert. you've fiscal cliff lately, here's congress decided to create a meehanismmthht cut militaay spending and entitlemmnt trillion dollars to try to force themselves into a deaal deal. that cliff is heree and it arrives as taxes are set o go up on all americans. anyone making ovee four year to pay more in taxes. conservative republicans don't want to raise taaes on anyyne. they're deeand only áspending cutsá to curb he country'ss debt. vice president biden and minorityyleeder mitch mcconnell are now talking agreement bott sidessof the senate caa agree on. 3 3 &p obviously, whaa had happened here between the two leaaers innthe senate had broken down because the senatt democrats republiianssmade last night. so hoppfully, the discussions back on track, hopefully get a can vote on, hopefully today - or tomorrow. it's not just your taxes, in 26 hours will have a edinn devastatiig effect on deffnse cuts will spiral outward to government conttactors aad coull lead tt widespread layoffs according to economisss. 3 and we're tracking morr breaking
of the spending cuts. back drama. thursday is the re-election of speaker boehner and the new congress. >> it's possible this is the prelude to a channel thursday. it would be naked to do it. there are conservative in the republican caucus in the house who hate the bill. for good reason. this is a complete surrender on everything. the ratio of tax cut. or tax hike to spending cut is 40 to 1, rather than 1 to 1 or 1 to 2 or 1 to 3. a complete rout by the democrats. so it's understandable. i think what is likely to happen is that the leadership is going to look to get 218 it could secure to send the bill back to the senate. with equal number of spending cuts. boehner will have an open vote unwhipped, republicans will vote as they wish. they will probably be enough with all the democrats to pass this. add one thing. if the republicans vote it down, they to do it at the same time, they have to announce hr-1 introduced thursday. the first bill of the new congress. which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capita
programs will be cut, which will be spared. >> they're waiting for congress. >> thank you. >> the stock market taking lack prof gres badly this, oñ performance over the last five trading. >> the nasdaq down 25 points for the day. s and p off by 15. >> if you're on long term unemploymentik-(é you're really going fall off the fiscal cliff f you try to call the help line, chances are you won't get through to an agent. 84% of calls, 84% are never picked up. >> this is how june spent the last month. listening to auto mated menu autos press three. >> and getting same response. >> we're sorry. the callers waiting to speak to a representative have been reached. >> i heard that recording 8-so times per day for a month. >> just hurts. >> matthews is on disibility for a shoulder injury. wants to know the status of the claim w out a check from the state she could be kicked out of her house. >> for us not to be able to get any help, no communications back, on funds we've paid into a system is aggravating. >> sounds like they got too many phone calls, goodbye. >> dave asked us not to use his last n
in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the white house to say an agreement to extend the cuts for middle class is very close. >> preventing that tax hike has been my top priority. last thing folks like folks up here on the stage can afford right is to pay an extrao;ye6) 2,000s ndz taxes next year. >> vice president and hsh mitch mcconnell have been leading on negotiations to extend the increasest qlait tax rate from 35% to 40% and extend unemployment benefits one year. >> we need to pro teblgt american families and job creators from this looming tax hike. everyone agrees that that action is necessary. and i can report we've reached an agreement on tax issues. >> sticking point
leaders in the oval office.pu÷]h congress is doubt -- is cutting it dangerously close. yesterday harry reid blasted house speaker boehner for letting lawmakers go on vacation house members are not dueyed4 back until sunday. boehner put the ball in the senate's core. p in a conference call with republicans boehner said the house will take action on whatever the senate can pass. >>> apple's customer satisfaction ratings are dropping. >> retail industry is keeping"g÷ a close eye on port along the east coast.&ú8uq here's ellen with the bloomberg business report. >>> christmas tree and lights may still be up, retailers are gearing up for spring it is their most lucrative time of the year as customers stock+g5 possible strike looming at more than a dozen ports 15,000 workers potentially ready to walk off the job, cuts off apparel makers a lot at stake so many chains get their shipments from overseas. apple may be a favorite among consumers but not customer satisfaction with the website. research finding apple's customer satisfaction dropping from last year. the company introduced more mus
diverted income tax hikes for most persons but delayed decisions on spending cuts. congress now needs to raise the debt ceiling, he says, so the government can keep paying its bills. if not, he says the consequences could be far worse than the impact of the fiscal cliff. >>> secretary of state hillary rodham clinton will fully recov recover, doctors are confident, from a blood clot in her head. she is said to be in good spirits and making excellent progress. the blood clot behind her right ear formed after a concussion from a fall. >>> justin bieber's sports car. he was not in the car at the time. the photographer was struck by another vehicle as he returned to his own car. officials say no charges are expected against the driver who hit him. >>> today an open house is being held in connecticut at a repurpose school for survivors of last month's sandy hook elementary massacre. teachers and other workers have been busy get thing the space ready for the students, painting and moving furniture. classes at the new facility begin tomorrow. counselors say it's important for children to get
trillion tax increase over ten years through the expiration of the bush tax cuts and assuming congress does not approve the patch anded medicare doc fix, and other things. the lapse of the tax cuts means the top tax rate reverts to 39.6 from 35% now. taxes would also go up for lower income earners. the maximum low rate would revert to 15% from 10% now, and investors see capital gains rate revert from 20%, revert to 20%, rather from 15% now. depending on what analysis you look at, average families could pay $2,000 to $4,000 more in taxes next year. ashley? ashley: that's the why it's called the cliff. thank you, peter. >> you bet. ashley: the speaker stuck in a storm, but the phones do work. bell ringing soon, and amazon known for customer service, especially over the holidays, but it's not cared over to the web hosting business. merry christmas for hollywood. ticket sales going through the roof. details when "count down" returns. ♪ ♪ >> well, earlier, of course, we touched on the weakness in retail after disappointing data. well, technology shares under pressure, especially the large ca
: everyone is curious to see what happens overnight. one of two things could happen. if congress does attach spending cuts to this bill, that bill is blown up and you could see markets really sell off tomorrow. if this is just punted along, markets could be a little bit more patient but patience is running out. and as you mentioned, 401(k)s are being affected, as well. >> because of all the jitters. bianna, thank you. >>> we're going to turn now to secretary of state hillary clinton. doctors keeping a careful eye on mrs. clinton. we reported last night on their discovery, the blood clot right next to her brain. tonight, we know former president bill clinton and their daughter chelsea have been by her side and the first message from chelsea on twitter. here's abc's sharyn alfonsi now. >> reporter: chelsea clinton leaving the hospital, where her mother will spend a third night. later, optimistically tweeting, "thank you all for sending good thoughts my mom's way. grateful to all her doctors and that she'll make a full recovery!" but it's clearly a serious setback for the secretary. it's been t
existence of this congress. finally, considering bipartisan legislation to provide middle- class tax cuts and require the wealthiest once again pay their fair share so we can grow the economy, create jobs, and protect the most vulnerable in our society. it is indeed well past time that we got about the people's business. i served on the group of both republican and democratic representatives and senators who worked with the vice president on our nation's fiscal issues. we made good progress in those talks until our republican friends walked away, fearing the wrath of the tea party. i also served in the bipartisan joint select committee on deficit reduction, the so- called super committee, that spend countless hours discussing these issues in detail. it was very clear -- the elements of a fair and balanced fiscal plan were achievable. but at the end of the process, the republican leaders refuse to compromise and the super committee failed. so here we are. well this is not a perfect bill, and i have serious concerns about some of the cuts it contains, it does contain the element of fairness
: while the bill delays spending cuts for two months for the new congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still watching your money report and the fiscal cliff. >> and the fight we should continue to expect with congress having several other hurdles to deal with. >> our money problems are far from over. in fact, they're just really beginning for this new year. it is a great quote very for you to sum up the year ahead. this comes from a december 27th blog on the tax policy center website. quote: it looks as if lawmakers will spend 2013 staggering from crisis to crisis not unlike a bunch of nasty drunks weaving their way from barroom to barroom. so what type of crisis are we talking about here? we'll run through the timeline. right now th
. >> the agreement that the obama administration and congress made was to cut six percent of the defense budget. which even it was cut would be well above what was pre-9/11 numbers. >> so we'll be looking at more than a trillion dollars in cuts to our defense budget over the next ten years. where will those cuts be? the much shorter answer is, where won't those cuts be? >> we're talking about $650 billion. we can reduce that by well over $100 billion a year. i believe, frankly by, not in the first year but by a couple of years from now, by $150 billion a year and still be far safer than we've been and without any potential threat to our ability to exist. >> and in the next five years, the military will downsize its active duty personnel and move many of them from europe back to the u.s. in a pivot to asia. >> the key budget and strategic question, as i look out over next five years or so is, is how does the u.s. remain strong or even add to its strength in asia without simply reinforcing what i think of as the legacy systems that we've had for generations that were our means of projecting power
is working on legislation. >> harry reid, the congress and the president. >> the president is cutting his hawaii vacation short to deal with the fiscal cliff. >> really, it's kind of like falling down stairs. we have a dysfunctional congress. >> speaker boehner needs to bring his party along. >> it's pretty clear that he could not bring them along. >> john boehner doesn't seem to have full control of his caucus. >> they were this close. >> the republicans will be blamed. >> they were this close to a solution. >> we're going to head over that cliff. >> i know it's hard for the republicans. the minute those leaders move forward, they get viscerated. >> guns shouldn't be available for anyone, any time, anywhere. >> the conversation still wages on. >> its plan to add more guns to schools. >> a completely dumb-ass idea. >> i don't think the nra is listening. >> you can call it whatever you want to call it. >> congress hasn't confirmed the director of the bureau of alcohol, tobacco and firearms. >> dysfunctional, dysfunctional, dysfunctional congress. >> we're not going to allow what has happen
in front of us. the big cliff on all spending cuts. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're suppose to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. for above the $250,000 level on which president obama campaigned on. but those making more will see higher income taxes, capitol gains, and dividend rates, plus a new health care reform surtax. san francisco tax attorney rob wood says you'll notice in your pay tax will be history. >> the average person earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreement increases taxes on the states worth more than $5 million. it extends unemployment benefits for one year and keeps the child tax credit for workers who don't earn enough to pay income taxes. the alternative minimum tax got a tax for inflat
spending cuts happen on march 1st, unless congress acts. that means potentially hundreds of thousands of government employees put at risk. finally, funding for the government itself runs out on march 27th, unless the white house can get some cooperation with republicans in congress. >> that's a mega-cliff coming. thank you so much, jon. >>> and we have a note now under the file, really, did you know this, is it possible? the president has until noon tomorrow to sign that bill into law, but the president is now back in hawaii, so, the question becomes, how does he get it signed? there are two options for this. one, they can fly it overnight to him in hawaii and the other is something called an auto pen. and it's a mechanism that signs the president's signature and did you know that the president's signature can be done this way on a law? they're still not saying yet which option the president will choose. >>> and we have a reminder that tomorrow night, we're going to bring you an interview that will mark an historic milestone. i sat down with 19 of the 20 female senators starting work
. >> president obama has promised to work with congress to find more spending cuts in the future, but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >> treasury secretary of state timothy geithner has warned congress the country is a few months away from defaults on its loans for the first time in u.s. history. >> consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff. >> but many say the debt limit debate is the last chance femme them to secure the deep spending cuts necessary to pay down our nation's debt. and the bill now heads to president obama for his signature. terrell? >> tara mergener in washington this morning. trar, good to see you. thank you so much. >>> still the measure passed with bipartisan support. the deal die provided the leadership in the house. speaker john wayner bane speaker john boehner and former gop leader paul ryan voted yes but house majority leader eric cantor who
obama has promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress other than over whether they should pay the bills they have already racked up. >> reporter: the country is just a few months away from defaulting on their loans for the first too many in history. >> it would be catastrophic, far worse than the "fiscal cliff." >> reporter: many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. tara mergener for cbs news, washington. >>> after his address, president obama returned to hawaii to finish his vacation and will sign the bill there. >>> most overseas stock markets rose on news of the u.s. "fiscal cliff" has been averted. the kospi stock exchange in south korea celebrated its first trading day in 2013. it finished up as did hong kong, australia, germany, britain and france. here in the u.s., the new year's first day of trading begins in about
with demands for more spending cuts. congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeas are 89. the nays are 8. 60-vote threshold having been achieved, the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush-era tax cuts for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6%, up from the current 35. the agreement would raise the estate tax on large estates to 40%. but the payroll tacut of the last two years would expire. the bill also extends unemployment benefits for a year and it stops a cut in medicare payments for physicians. the senate vote was a rare show of unity welcomed by leaders of both parties. >> as i said, this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country.
increase on salaries by 2% every worker up to $110,000 a year. then the stuff it didn't do. congress set up new ones, in just two months they will need to deal with the automatic spending cuts and nasty fight over the debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they
-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't pass the bill, i would cost him $106. that has dad sean rasmussen worried. >> they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation government prices revert back to 1939 levels. back then the process was more laborious and farmers needed a higher subsidy to cover their costs. dan sumner says the new price of milk would be far above what it now costs dairy farmers to produce it. >> it really will be chaos. >> reporter: so we would go back to this old farm bill which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> well, here's the pr
not support this, and so it would very much be blamed for this particular deal not getting through congress if they didn't vote for tonight. diane: what happens with the spending cuts? we have seen the republicans but quite a bit from the tax increases, no licking a 40,450,000 for individuals and couples. we have not seen as much movement on the spending cuts. is an expectation that we will? >> one of the things that we have seen about this deal that you have to look at is something that is not in it, the increase in the debt ceiling. that was one of the final offers that the white house had given back when the white house was negotiating directly with house speaker john boehner. they wanted for years of increases in debt ceiling a party, something republicans were not willing to budge on. without an increase in the debt ceiling, it allows republicans to engage the white house and democrats in yet another fight to cut spending in exchange for raising the debt ceiling, so that's the next fight that the next congress will pick up once it gavels in at noon on the third. diane: we are watching
spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ortega has a net worth of $57.5 billion. second-richest is bill gates with $63 billion. and number one is mexican telecommunications magnate carlos slim, with $75 billion. buffett falling to fourth. >> you are fifth on that list, righ
obama said he wanted a grand bargain that dealt with taxes and spending cuts at the same time. >> but with this congress that was obviously a little too much to hope for at this time. >> reporter: house speaer john boehner has not yet publicly endorsed the deal. and even though congress did not meet the midnight deadline, tax cuts will be retroactive if the bill is eventually signed into law. terrell? >> tara mergener in washington, thank you so much. the bill also extends unemployment benefits for 2 million people. it prevents a 27% cut in fees for doctors who treat medicare patients. but many americans will see a tax hike because the bill does not affect a scheduled 2% increase in the payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowan reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. although she at least now has a hint on what taxes to withhold from her dozen
because congress was focused on spending cuts and larger tax hikes. reporting live from san jose, janine de la vega, ktvu channel 2 news. >>> 8:04. well, san francisco school students who eat school lunches are about to eat healthier. starting on monday, san francisco unified school district will introduce a new lunch menu provided by revolution foods. no more frozen foods, no more mystery meat. revolution foods say they make meals using local ingredients. no high-fuke dose corn syrup and nothing is -- no high- fructose corn syrup and nothing is frozen. >>> a new study finds a few extra pounds may not be bad to your health but the risk of death does rise substantially for those who are obese. researchers at the us centers for disease control analyzed 97 studies involving almost 3 million people worldwide. they found people with a body mass index considered moderately overweight had a 6% chance of death. but those with a higher bmi had a 29% higher chance of death. a bmi of 29 to 30 is considered overweight. i think 20, 25 is considered normal. >> why were you looking at me when you were
ahead over spending cuts. whether to raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in
$400,000 a year. not to mention, the bill only delays large cuts to the pentagon and other government programs. so, in march, we may see another round of fighting. president obama says he hopes congress can strike a deal with a little less drama. paula and john? >> don't count on it. >> let's hope so. round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted in favor yesterday, as well. interesting dynamic there. tahman bradley in washington. thank you, tahman. >>> and new york lawmakers are furious this morning after the house ditched a vote on billions of dollars of aide for victims of hurricane sandy. house gop leaders decided to wait for the new session of con
leaders fail the president wants congress to vote his plan keeping tax cuts for making $250,000 a year less, extending unemployment benefits for some 2 million people and delaying spending cuts until later this year. white house officials that top senate republican will be a key force in getting a deal after he made these comments. >> we are engaged in discussions majority leader and white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and majority leader can make to his conference. >>> among the issues to be hammered out is income level for extending president bush tax cuts. they send it on $250,000 but it sounds like $400,000 is where negotiations are heading. a leading republican senator says permanent is key giving certainty on tax rates that g.o.p. senators say a permanent solution for the alternative minimum tax that threatens 28 million americans every year would also help win republican voters. >> arthel: i know this is a very serious subject. when you see them all speak, it sounds like wa, wa, wa, wa. t
bipartisan support would extend tax cuts for all tax earners earning less than $400,000 a year and tax hikes on those estates worth $5 million. and benefits set to expire for some two million people. since congress missed the january 1st midnight deadline, technically the country did go over the fiscal cliff, but bypassing the compromise deal in the house and the senate, congress can try to take credit for retroactive tax cuts. >> to avoid this fiscal cliff, they set up new ones. in just two months they will have to deal with the spending cuts they put off and have a nasty fight over the debt ceiling. karen travers, abc news, washington. >>> stocks hit a five-month high after the house voted. many were worried if the vote had failed, it may have pushed the u.s. into a recession. now the real test comes tomorrow when the stock exchange opens in new york at 6:30 in the morning. we're going to have more on that. that begins at 4:30 a.m. >>> president obama left washington late tonight. he is returning to hawaii to rejoin his family for a vacation. the president interrupted his traditional chris
george w. bush initiated tax cuts for all americans. but this deal is with the double, it is politically expedient but costa to government and will expire in 10 years timing. >> houses of congress have passed the package of tax relief. this will impact the middle-class. the one those cuts were going to expire the u.s. was just emerging from the worst recession since the great depression. he agreed to extend those tax cuts for two more years for congress to extend federal emergency unemployment benefits. those costs are expensive. extending those to 2020, the bush era will be responsible for over one half of the total national debt. democrats insist that tax will go up for the wealthy but stay in place or under $250 k! >> we need to stop the job killing tax hikes and also cut spending, now. >> republicans cannot want to play ball. no more higher taxes on any one or the rich. they say that this ideology should the government as small as possible the rich are as old as governments possible. the main spokesperson is this man, grover norquist. the americans for tax reform. he was almost regen
this morning. late last night congress finally spent president obama legislation. >> this law is just one step in the broader effort to strengthen our economy oar at one point it looked like the deal could fall apart. >> there's no spending cuts. we're adding $4 billion a day to the debt what we're really doing is raising taxes to gift president more money top spend. >> reporter: some republicans were pushing house speaker john boehner to add new spending cuts, but ultimately, there weren't enough votes to get that passed. so the house approved the senate measure. it prevent as tax hike on estates less than $5 million and extends unemployment benefits for some 2 million people but the payroll tax could expire, which means an increase on salaries by 2% for workers earning up to $110,000 a year. then stuff the bill didn't do. to avoid this fiscal cliff congress set up new ones. two ones they will have to deal with the automatic spending cuts. there lab nasty fight over the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not
that are scheduled to go into effect. and keep in mind that some of the spending cuts that congress has said will automatically go into effect, have an impact on our defense department, but also impact things like head start. so there are programs scheduled to be cut that we're using an axe instead of a scalpel. may not always be the smartest cuts. so that is a piece of business that still has to be taken care of. i want it make clear that dealing with the automatic spending cuts threatened for next month, they also have to be balanced. remember my principle is, let's do things in a balanced responsible way and revenue has to be part of the equation in turning offer the sequester and eliminate automatic spending cuts as well as spending cuts. the same is true for any future deficit agreement. obviously, we're going to have to do more to reduce our debt and deficit. i'm willing to do more but it has to be balanced. we have to do it in a balanced responsible way. for example, i'm willing to reduce our medicare bills by finding ways to reduce the cost of healthcare in this country. that's somet
action. so when members of congress say they are cutting spending, what they're doing is cutting the growth of spending. i could go on and on, but you get the point. these are once every high school student has heard about when congress was given a lesson. the best news story this year certainly didn't come out of washington or wall street, but it happened right in your neighborhood. 2013 will be even better. i will tell you all about it coming up next. she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. approved to treat ed and symptoms of bph, tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for che
or so, a delay in those massive spending cuts that congress put into a package a year ago. increase in the estate tax. now, what do republicans want ideally to be included? they'd like to limit the tax increase for high earns, place that threshold somewhere other than $250,000. avoid the estate tax increase, no delay in those spending cuts, and figure out an agreement to pay for the extension of unemployment benefits. no guarantee either side's going to get all or any of what they want. what they're trying to do now is probably whittle out middle ground and see if they can get there. >> lisa, let me ask you this. we've seen a number of the key players, heard from others. but there's someone noticeably absent and that is speaker john boehner. where is he? and has he been benched sort of in this process? >> he was here at the capitol this morning. our producer on capitol hill reports he was meeting with his chief of staff. we don't know the what they were talking about. he was here at the capitol. only he and senator mcconnell have been here today. you know, i think the situation is s
. the bill just pushes off those cuts for two months so you're going to see congress and the white house fighting right away about how to replace the sequester with more sensible cuts once and for all. >> nancy cordes thanks nancy. >>> shortly after the house vote president obama got on a plane to resume his christmas vacation in hawaii but first he complained to reporters about how hard it was to reach a deal and insisted it won't happen again when the debt ceiling battle comes around. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> major garrett is in the white house briefing room where the president made that announcement just hours ago. major, good morning. >> good morning. >> major, just to start with what was the reacti
's very easy and you hear rumblings in the conference -- congress about cutting back and lets cut let's cut foreign aid and let's cut foreign security. it's very easy to say that. we have pressing problems here, who cares about what happens overseas? i have heard people say that. that shouldn't he. we need to care and that is what we are doing. let me say this. according to the crs, congress has underfunded state department diplomatic security by $600 million under the request over the last three years. the house funding level was closer to three-quarters of a billion dollars below that. the aarp observe funding restrictions have led the state to be resource constrained rather than a mission driven organization. the report continues that the solution requires a more serious and i'm quoting, a sustained commitment from congress to support the needs unquote so let me ask you this. how would the 1.4 billion increase security proposal address the aarp's concerns are the additional resources or staff did shortages in the frontline state and how would the proposal be sustained after fy2013?
they have to be part of this deal? you've got half of those cuts in defense law? >> well, congress agreed they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what is so-called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term. but, you know, so far, at least, congress has not been able to get this stuff done, not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you sign this legislation setting up a fiscal cliff 17 months ago. how accoun
on the beltway. that's a look at the traffic, over to you. >>> tax hikes and spending cuts are hours away. down to the deadline if congress and the president are going to stop the nation from going over the fiscal cliff. without a deal, taxes are set to go up on about every american. >> reporter: talks continue but this morning, still no deal. republicans and democrats nee gobuated all weekend, with the hope of passing legislation that would protect most people from a massive tax hike, set to kick in type at midnight. our top priority is make sure taxes on middle class families don't go up to hurt the economy badly. >> reporter: optimism about a deal over the weekend, when the republican leader in the senate made an offer, that all ended when senate majority leader said he couldn't present a counter proposal, in a hail mary, he phoned for help. >> i placed a call to the vice president to see if he could jump start the negotiations on his side. i'm willing to get this done. i need a dance partner. >> reporter: white house officials say vice president biden is now playing a direct role in the tal
of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government contractors. economists predict that if congress doesn't act, all those cuts and new taxes will push the economy back into a mild recession by mid-2013. the impact of some of these cuts and taxes would not be felt immediately on january 1. that's because the i.r.s. and other agencies didn't expect it to come to this, and so it will take a few weeks for workers to see more money being withheld in their paychecks, jim. >> axelrod: nancy cordes with the president in hawaii. thank you. there is new evidence that the housing market is coming back. a report out today showed home prices were up 4.3% in october compared to last year. prices rose in 18 of the 20 largest cities. tonight, 88-year-old george h.w. bush remains in a hospital in houston where he's been since last month battling a bad cough. the former president now has a persistent fever. bob orr joins us now from washington with details. bob. >> reporter: good evening, jim. well, a spok
the dead of night. name-calling and cursing at every turn. it seems congress can't get anything right. alas, despite all their problems to mike and commend them on one thing, the fiscal closed deal has done nothing to fix our task -- tax cut or deal with the spending. it does blocked an automatic pay hike for members of congress. lawmakers are supposed to receive automatic cost-of-living pay hikes, but as congress's approval rating has fallen into single digits they have consistently voted to reject the race. the president obama recently issued an executive order to implement it along with the pay increase for federal workers. lawmakers might not be good at doing their job, but it sure seems they know what. that is my "2 cents more." coming up tomorrow, the fiscal cliff deal worked out on capitol hill. piece of our financial problems. tomorrow steve forbes to talk about that. that's it for tonight on "lou dobbs tonight." have a great night. lou: good evening, everybody. the last-minute fiscal cliff steel locking in bush-era tax rates for most of america, but that deal still resu
depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended by 2020, the bush-era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job killing tax hikes, and we need to start cutting spending now. >> republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. the roots are as old as american politics, but today the philosophy's main spokesman is this man. grover norquist, president of americans for tax reform. norquist's pledge signed by almost all republicans in congress forbid signatories from raising taxes ever under any circumstances. things come to a head in the summer of 2011, republicans demand the government reduce the deficit as a condition for raising the nation
for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there a
more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended, by 2020, the bush-era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job-killing tax hikes, and we need to start cutting spending now. >> reporter: republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. now, its roots are as old as american politics. but today the philosophy's main spokesman is this man, grover norquist. president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories from raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s.
days and count, how close could congress cut it if we get close to a fiscal cliff deal at all? representative peter welch with insight when we're back in two. let's give thanks - for an idea. a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a half. but this idea isn't fragile. when times get tough, it rallies us as one. every day, more people believe in the american idea and when they do, the dream comes true. we're grateful to be a part of it. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you coul
increases to tack effect on january 1st and then on the third when the new congress is sworn in, lawmakers can vote to cut taxes. >> the new year brings another deadline for homeowners. december 3rd 1 the last day toa play for the homestead tax credit. the credit is supposed to put a limit on an increase in property taxes if the home's assessment value jumps but it's only supposed to go for a primary residence. its going into effect to eliminate the credit for people who shouldn't be getting it. >> we have plenty ofen eligible properties getting credits they aren't entitled to. in 2007 the general assembly passed another bill requiring a one time application. >> the law was passed in 2007 but it's going into effect now after a five year grace period. if you are eligible you should have received two notices already but there is still time to fill out the application. >>> now if you just log onto the website, click on the homestead tax credit story in the featured story section. there we have a link to the state site where you can find out if you need to file that application. >>> despite
cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and with the republican majority leader. they said a few moments ago that there will be a vote sometime before midnight tonight, no guarantee it will pass. whatever happens we are going over that cliff. >> happy new year. >> reporter: vice president joe biden met with democrats after 9:18 p.m. monday night to brief them on a agreement that would raise tax rates on individuals making more than $400,000
party in congress on spending cuts as there is between john boehner and his caucus on taxes. there is great distance in how far that party has to go to come together to do the kind of entitlement cuts that we still need to see at some time, whether this month or this year or next year. there's a long way to go. they have never been as close as people think on this topic. >> o'donnell: that's interesting, you're saying in terms of messaging the white house has done a good job in keeping this-- >> brilliant. right on taxes. on spending, every time the white house suggested a little bit of spending cuts, social security, med character immediately the democratic caucus said no. >> o'donnell: isn't that the thing about the boehner deal the president said this morning, he was willing to go father on spending cuts that made democrats mald at him and he couldn't get boehner to accept that. >> that's right. he was willing to raise the age of eligibility for medicare-- >> o'donnell: which dick durbin opposes. >> he was willing to change the way consumer price index is calculated for s
as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i have demonstrated throughout the past several weeks, i am very open to compromise i believe that we have to find ways to reform the program. there is further spending that we can eliminate in government. but we can't simply cut away to prosperity. cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can take advantage of loopholes and deductions that aren't available to most americans. and we can't keep putting things like basic research and new technology and still expect to succeed in the 21st century economy.. we have to do it in a balanced way. even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined
, at least do the tax part. if you do not have the tax cuts, rather, the spending cuts in the house of representatives, i talked to a republican congress hand with ties to the leadership early today, and he told me that our guys will go ballistic if we do not get spending cuts. >> is there anything other than sequestration that could appease the republicans? any other spending cuts? anything on the table? or just too little too late? >> that is hard. remember, we only go over half of the cliff at midnight tonight. that makes it almost hard to avoid by the parliament, the tax cut portion. but if sequester, the budget control act from august of 2011, that has to be order by the president and it does not kick in, until january 2nd. the idea they could ram something through the senate tonight and move to the house of representatives, house republican sources say there is no way they would do this tonight. if they did, they would have to do it in the light of day and they want to check with their members and talk to them about this. they don't know where the members would stand. >> every
, again, was meant to force congress to act, but those cuts would have been very arbitrary and would have potentially helped tip the country back into another recession. so that's why they so wanted to avoid that. but at the same time, those cuts produce deficit reduction. it's been a complicated, long negotiation. there has been a lot of emotion on the line, a lot of strong political feelings that have been at odds. as you know, there have been a change of players. this began with the president and speaker boehner negotiating that fell apart. then it fell to the top leaders in senate, mitch mcconnell and the democratic majority leader put a call in to his old friend, joe biden, help us out, sort it out. joe biden, if he had remained a united states senator he would have been the most senior democrat in the senate. so he knows how this place works, and he has demonstrated a relationship and trust with people across the aisle that has helped put this together. there will be unsung heroes, if you will, in terms of staffers who have worked to hard to make it work. now, there will be members
if congress didn't renew the payroll tax cut. yesterday, in the dark of night and without a sound, that tax cut expired, enacting a 2% tax hike on all earnings subject to the payroll tax. the non-partisan tax policy center estimates 160 million americans will take this hit, with the average family paying an extra $1,000 a year. so in the lead up to last night's vote, neither side was pushing #40dollars. so joining us now from washington to make sense of all this is msnbc policy analyst ezra klein of "the washington post." how are you doing, ezra? happy new year. >> good afternoon, thank you for joining me. >> i've been reading my blog, as, of course, everyone should do every day. one of the things that's interesting is everyone is asking is this a good deal, but i think just from reading your blog, it's different for different people. i want you to break it down for me a little bit. let's start with deficits. if you care about deficits, was this a good deal? >> no. this was terrible if you care about the deficit. it was awful. so one thing the budget wonks are happy about is two ways to mea
back in washington today after cutting short his christmas vacation in hawaii. congress is also back in town, but aides say little progress was made over the holiday on any potential deal to avoid if major cliff. john harwood sent this report from washington. >> just a few days of 2013. i want to bring you up to date on developments. first of all, the treasury has informed the united states senate that the government will hit its statutory debt ceiling on december 31st, new year's eve. that's part of an effort to pressure the congress to act to raise the debt ceiling. that is not directly implicated in the fiscal cliff talks, but it's part of the larger issue of debt and deficit that congress has to deal with. secondly, house run leaders conferred and sent a letter to democrats to say it is up to the senate to act. the house has already acted on a bill to avert the fiscal cliff. democrats have no intention of taking up that house bill, which would extend all of the tax cuts into 2013. the approximated says he's not going to do that. plus a senate democrat leader told me there is a po
a comprehensive tax reform in the next congress. by making republican tax cut permanent, we are one step closer to a comprehensive tax reform that will strengthen our economy and create more and higher paid jobs for american workers. i urge my colleagues to support this bill and get us one step for -- closer to tax reform and reserve the balance of my time. >> the gentleman from michigan. >> i yield myself such time as i may consume. >> the gentleman is recognized. >> this is a bipartisan bill, and i will try to keep it in that spirit. as we are here today on january 1, hours away from americans returning to work, markets reopening around the world, around the world, and all eyes focusing on whether this institution can govern. this legislation allows us to get done what we need to get done. this bill is vital for our nation's economic well-being, and i want to emphasize, for its standing as the world's most important economy. it is vital for 114 million middle-class families whose tax cuts are made permanent. it is vital for 2 million unemployed american workers who need continuation of their
in the last congress when later closing was speaker of the house. she had had 16 tax cuts signed into law to help small businesses grow and thrive. as we know, during the last 15 years, small businesses account for about 2/3 of the job growth in our country, but when the bush recession hits in 2009, 2010, small businesses were hit particularly hard. small businesses are the center of her agenda. congress under her leadership gave 27 million small businesses tax cuts. two main pieces of legislation -- the small businesses jobs act in the information you have, will create a total of 500,000 jobs and create eight tax cuts. they are all described in the packet you have. also, unleashing up to $300 billion in credit for small businesses to access. there are another eight tax cuts that were passed through a number of different laws. some of our panelists will address those. even though now we are in an environment where there is a republican majority in the house and a slimmer majority in the senate, please note that the leader and democrats are going fight hard to keep their agenda and restart
. >> is the country goes over the fiscal cliff, some economists fear the combination of budget cuts and higher taxes could trigger another recession. others say the deadline is not as firm. congress could pass a temporary measure early that would roll back any changes. political analysts warn some consequences may be immediate. >> maybe a tremendous response and that would alarm everybody. >> stock prices dropped friday after a republican-led plan collapsed. nearly half of americans are doubtful the two sides can settle their differences. >> when the uncertain. tax rates will go up on 30 million households at least. that is something the politicians are going to respond to. >> house republican leaders called on the senate to pass to bills they said would avoid the fiscal cliff. republicans said the lines of communication are still open but the house will not act until the democratically controlled senate does. >> at the maryland due in baltimore, the african lions were not in their native habitat because it was snowing. the weather was so bad that these do closed -- the zoo closed for the day. the s
as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a handle on our spending. one l
-passing the compromise deal congress can try to take credit for retroactive tax cuts. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. >> reporter: they have to deal with automatic spending cuts they put off and there will be a after they fight over the debt ceiling. sherrie johnson, abc2 news. >>> following last night's vote, congressman harris released a statement reading in part i oppose the legislation but in-- that increases taxes on 77% of people in my district. this bill is business as usual in washington and does nothing to deal with the real fiscal cliff, our 16.4 trillion dollar deficit. in fact, it adds 4 trillion dollars to the debt. he goes onto add that americans will pay an average of 1,000 dollars more in taxes this year than last. >>> news time 5:04. hillary clinton continues to recover in a new york hospital where she is treat being treated for a blood clot in her -- being streeted for a blood clot in her head. they are confident she will make a full recovery. she was admitted to the hospitalon sunday. >>> a two-a
this morning. the president cut short his christmas vacation in hawaii to get back to washington. congress will be in session today, amidst fading hope that a deal could be reached by the new year. no agreement would mean spending cuts and historic tax hikes for virtually every american. >>> officials in newtown have a message for people who want to send gifts to the grief-stricken town. please don't. they say gifts have arrived in such numbers, they overwhelmed the small community's ability to process them. a fund established after the shooting to support newtown has grown to $3.5 million. >>> meanwhile, hundreds of schoolteachers plan to attend firearms training today in salt lake city. the 200 teachers come from districts across utah. they have volunteered for the concealed weapons training. organizers say in past years, only a few dozen teachers attended the training. they're expecting an overflow crowd because of this month's tragedy in newtown, connecticut. >>> west webster volunteer firefighters, who had been in guarded condition, are now being upgraded to satisfactory condition. th
of the fiscal cliff. it will allow congress to again take another crack at finding some way to deal with spending cuts and tax reform. gerri: stay with us, rich edson. thank you so much for that report. turning now to our guests. it's up to harry reid and mitch mcconnell, the two leaders in the senate. trying to craft something. how likely is it that there would be a bill that passed the senate and house? after all, that is the problem we have had a long. >> well, first, we have not seen any details of this package. we are talking completely off-the-cuff, but we know will not be at 250. i think carrie reed has problems from new york like dianne feinstein of california, and 250 will be a big pill to swallow. this is a fiscal cliff that we can have 50 days, 60 days down the road. it does not fix the problem if you will have these taxes on $250,000 and above. as rich edson said, this is going to be another deadline in congress has to have. i think everyone needs to get comfortable with the fact that we are going to have these kinds of stopgap last-second deals. gerri: okay, let's get t
congress. they were the ones who extended the bush tax cuts. originally passed back in 20,122,010 and 2012. for two years now, they have known the issue is looming and they chose to do nothing about it at all. but that is not the only thing that this lame-duck congress has to do for the end of t year. the farm bill passed last summer to help farmers hit by the drought has to be extended. to the next year, it must pass. if they do nothing, a gallon of milk go up $6 a gallon. it sure isn't going to help consumers. then there are restrictions on u.s. exporters, lower tariffs in good deal for them. awaiting the attention of lawmakers and again, they are not even paying any attention. and oday, they are threatening to do sometng with the hurricane sandy relief bill. the hurry up and get it done attitude of small-business owners. a 9-foot wave of flood water hit her store. she s picked up the pieces and opened her dors for business. despite losing all her equipment and furnishings, her insurance denied her claim and she got no help from the government. take a look at this. they got her back in t
situation. >> reporter: without a deal, bush-era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline, hoping it would force a compromise. so far, that's backfired. also flying back on air force one is lieutenant governor brian schatz and will likely be sworn in later today. just before taking off, he tweeted that he's looking forward to supporting the president's agenda. reporting live in washington, i'm dan yeielle leigh. mara, back to you. >> thank you. >>> tim geithner is adding to the pressure to get the office calf cliff deal done. in an open letter wednesday, he warned the federal government may not be able to pay its bills once the country reaches its borrowing limit on december 31st, which is monday. that could broil financial markets and lead to a financial downgrade. he proposes a series of extraordinary measures to postpone the date that the u.s. would otherwise default on its legal obligations. geithner estimates his plan would free up about $200 billion, providing roughly two months of wiggle room. >>> well, last night on "the ra
are at this late hour. all of these tax hikes and spending cuts are slated to take defect in the new year. congress and the white house had spent seven weeks of bickering over all these different elements of the this clip. as you know, there are many elements. many tax provisions, a lot of spending cuts, and at this point, any deal that is reached will not deal with a lot of these things. it is going to potentially make some tax cuts for below $250,000. it will potentially patch the alternative minimum tax. it will not deal with the payroll tax holiday. the most likely will not deal with the sequester. it may earn -- it may or not deal with tax breaks for businesses. for all these arguments and ongoing things about these tax and spending issues, in the end, we will get any compromise, if at all. host: we hear about the flurry of proposals that happened yesterday. any details that emerged from that that will tell us more about what we might be fighting over at the end? is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the thres
, that would have been fine. >> you mentioned sequester cuts, juliet schor. what exactly are sequester cuts? can you talk about the specific impact of the deal on medicare and medicaid? >> well, in the summer when the fight over the debt ceiling happened, there was a small group from congress that was a -- was supposed to come up with the deal on cutting the deficit before the end of the year and they did not. that was pretty predictable. so what congress did and the president, they sort of tied themselves to the math. they said, ok, if we cannot come up with a deal, there are going to be automatic spending cuts of $1.25 trillion over 10 years that begin january 2013. and those spending cuts were divided equally between military -- or what they call ended securities -- that is also homeland security and other associated kinds of cuts. and nonmilitary. and thus did not or do not include medicare, social security and benefits for veterans, but all other spending federally is in there. some medicaid, farm aid, programs on the port, energy programs, etc. those cuts are between those two areas.
added to the debt and again no spending cuts. again, what is wrong with congress? >> it's outrageous. no one will make the difficult decisions necessary to get this thing done. this is a problem that requires a $4 trillion to $6 trillion fix. quite frankly, the president won't make the move and we've been slow to the dance. and about the senators being drunk since you mentioned it twice, my wife has yelled at me and told me to say nothing good happens after midnight on new year's eve. >> you made the point. there were no hard decisions made. you haven't dealt with the debt ceiling, you haven't dealt with spending cuts. i mean isn't this legislation by procrastination? >> it's worse than that because you know even if you take the president's numbers on what the extra revenue is, it's about $660 billion over ten years which is $60 billion a year. it not only cuts spending but increases it and we're borrowing a trillion. you don't have to be a math professor to figure out -- we all know the president was going to get his way. he campaigned on raising taxes, he wanted to, he wins. now we
of duty for the new congress would be to pass tax cuts and, of course, that's politically favorable so that may be the political game that a lot of lawmakers are playing here. but of course, everyone is on edge. no american wants their taxes to be increased and taxes are really the sticking point here. republicans fundamentally don't want to raise taxes on anyone but president obama is hoping that the bush tax cuts will beextended except for those making $250,000 or more and republicans say no way. clearly both sides are not coming together on anything any time soon. >> all right and the beat goes on. sandra endo in dc thanks so much for the time. >>> news time is #:32. -- 6:32. the debate over whether teachers should be able to bring guns to school got more heated. 200 teachers from utah packed the conference room and learned how to carry a concealed weapon on the job. and how to protect their schools from an armed intruder. >> the safety is the biggest part. and to be able to use them appropriately is really high priority for me. >> utah is one of the few states where public schools
: anyone they come up with today is not likely to reduce significant spending cuts. >> congress goes back to work trying to avoid the fiscal cliff. >> how close are we to a deal here? >> we shouldn't be waiting for people to cut deals in back rooms. american people ought to be able to watch the discussion and the debate. >> reporter: a connecticut lawyer is getting heavy criticism because he wants to sue the state over the newtown shooting. >> hello. we didn't do enough. this never should have happened. >>> colts' head coach makes it back to the sidelines three months after being diagnosed with cancer. >> it's like getting hit in the head with a baseball bat. >>> kim kardashian and kanye west are expecting their first child. >> a little shocked. a little surprised. >>> if we go over the fiscal cliff, americans will go back into recession. >> we don't want a howard dean scream. >> bungee jumping. >> we might need it. i might then and i might now. >>> i'm norah o'donnell with anthony mason. charlie and gayle are off. we have hours go before the fiscal cliff deadline when dramatic increases
as the medicare doctors getting a pay cut every so often, congress goes back and fills it in, this involves that as well. >> is a vic the vice president g to do strong-arming or some dealmaking promises or is he just trying to rally the troops? >> a little bit of all three. the only part that appears to be outstanding at this point is the automatic spending cuts. $94 billion known as the sequester kicking in in 2013 through the entire year. democrats want to push that off. so wanted to find spending cuts elsewhere in the budget. that issue is still a bit of a problem. the tax part is something some democrats have a problem with it. >> is there any timetable for a scheduled vote? >> late into the evening if at all tonight. >> late into the evening if at all tonight. the champagne will stay in the refrigerator for all of us at fox business as we work this new year's eve to make sure you know at the very minute that happens whether or not the senate takes a vote on the deal to avert a fiscal cliff. we are going off the cliff but doesn't have to be as bad as some people have predicted. the late
. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in the u.s. c
is within sight. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in th
the deal. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. senate leaders continue to work on the stop gap bill, but sticking points remain. >> there's still significant difference between the two sides, but negotiations continue. >> reporter: reid said negotiation also continue through the night, with just hours left till that deadline. john and paula? >>> secretary of state hillary clinton is spending new year's eve in the hospital. during a checkup for her concussion, doctors discovered clinton developed a blood clot. now she's on medication. the medical experts we spoke with speculate that clinton may have developed the clot after days of inactivity due to the concussion. >> we wish her a speedy recovery. >>> millions of americans struggling to navigate roads that are glazed over with ice and snow. >> one crash alone, nine people passed away on an org highway and more than 20 others were injured. >> reporter: on the icy roads of the blue mountains in oregon, a tour bus crash on i-84. drives was also disastrous in the east
on the off chance he and congress might be able to cut some kind of deal. he left. but brianna keilar is still there in honolulu. when's the president leaving and why does he really expect to avoid the cliff? >> reporter: i will be leaving as well when the president leaves, don. he is expected. he will be leaving tonight. that's local time. so he'll be traveling overnight and arriving back in the d.c. area late thursday morning. as you know, the senate reconvenes tomorrow. so he'll be going back as that is happening. we heard from him last week as he was heading out to hawaii. he said, see you next week. we had a thought that this was probably going to happen. he is officially now going back. he said last week, don, that he is still optimistic that something can get done. the other issue here, though, is you can imagine, how bad it would look if he go over the cliff and there's a lot of work to make sure that doesn't happen. he's here in hawaii on vacation. that would look terrible for him. so obviously he has a lot of work to do. the way the white house sees it, talking to sources, h
. >> kristen: thank you. thanks to congress, fiscal cliff has been avoided this morning, rumblings are being heard what it doesn't do. they passed at senate bill. it restores the tax cuts created in the bush administration and raises taxes on couples making more than $450,000 a year but it did not address spending cuts. the conversation has been pushed back for two months. >>> one of suspects in a murder of former winery owner will be in court. 21-year-old javier garcia will be arraigned. a 23-year-old man should be in court tomorrow. lucas anderson was already arraigned and there has been another booked as accessory in the death during a home invasion in november. court documents portray him as a ruthless businessman. >>> we have dramatic new video of the arrest of the driver that killed two innocent people while running from police yesterday. this video shows police approaching the vehicle and pulling him to the ground. yesterday morning the suspect drove away from a traffic stop, blew through two intersections and then slammed into a car near a store at 21st and van ness. a passenger was
. >> that was senator mitch mcconnell reflecting on why congress has done so little in those 514 days since it passed the bunt control act. that legislation, of course, machine dated those automatic arbitrary spending cuts supposed to motivate congress tone act some kind of comprehensive budget reform. it hasn't worked out had a way. we are now four days away if the fiscal curb. this is the first time all of the congressional leaders met with the president since november 16 in a post-election session. and new this morning, cnbc's john heart swood reporting a mini deal could be in the works. without it like a 60 to 90-day deal and include some tax raises basically for those making about $400 $400,000 or more. this morning a few senators in both parties struck a hopeful tone about the meetings. >> getting a little more optimistic today. >> i think that it is encouraging that people are talking. >> talk is good but on substance, little has changed. >> problem has not been democrats being willing to do cuts. the problem is receive gnaws. we believe this isn't a revenue issue. this is a spending issue. >>
Search Results 57 to 156 of about 651 (some duplicates have been removed)